03-08-2023 icon

JPMorgan cuts ties with Gemini – Report

By Lucy Adegbe

JPMorgan (JPM) is ending its banking relationship with Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss, according to a person familiar with the situation.

JPMorgan, in 2020, took on Gemini and U.S.-listed exchange Coinbase as customers, the Wall Street Journal reported.

Coinbase’s banking relationship with JPMorgan remains intact, a spokesperson for the San Francisco-based exchange confirmed to Coinbase.

The crypto industry, which was rocked by numerous scandals and collapses last year, now faces heightened regulatory scrutiny and greater difficulty accessing banking services.

Gemini, a trusted company regulated by the New York State Department of Financial Services, did not respond to requests for comment. In a tweet sent after the publication of this article, however, Gemini wrote, “Despite reporting to the contrary, Gemini’s banking relationship remains intact with JPMorgan.”

Gemini’s loss of one major banking partner likely does not leave it in the figurative cold. The company has relationships with other banks, including State Street, according to the exchange’s website. 

Meanwhile, Gemini and the giant bank are yet to comment on the development.